Forecast and Review: US drilling to drop from 15-year high; smaller decline expected in Canada

Drilling in the US and Canada should slow in 2002 after a strong showing in 2001.Oil & Gas Journal estimates that total completions will decline 24% in the US and 11.5% in Canada year to year.The decreases are forecast because of expected year-to-year declines in the prices of crude oil and natural gas at the wellhead.By OGJ estimates, operators in the US can be expected to obtain wellhead revenues of $91.6 billion this year, substantially down from more than $132 billion in 2001. This should translate into overall drilling and completion spending of $26.6 billion in 2002 compared with $35.1 billion in 2001, OGJ reckons.The last time US operators exceeded 2001's completion tally was i...

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